{"id":788,"date":"2019-12-01T04:00:41","date_gmt":"2019-12-01T09:00:41","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=788"},"modified":"2024-04-25T23:20:32","modified_gmt":"2024-04-26T03:20:32","slug":"should-you-get-a-reverse-mortgage-consider-this","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/should-you-get-a-reverse-mortgage-consider-this\/","title":{"rendered":"Should You Get a Reverse Mortgage? Consider This."},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/11\/should-you-get-a-reverse-mortgage-1024x538.jpg\" alt=\"Image of a small paper model of a house sitting on blueprints on a table. Captioned: Should You Get a Reverse Mortgage? Consider This.\" class=\"wp-image-789\" width=\"512\" height=\"269\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/11\/should-you-get-a-reverse-mortgage-1024x538.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/11\/should-you-get-a-reverse-mortgage-300x158.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/11\/should-you-get-a-reverse-mortgage-768x403.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/11\/should-you-get-a-reverse-mortgage.jpg 1080w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/figure><\/div>\n\n\n\n<p>Time to start a new chapter in your life? A <em>reverse mortgage<\/em> can be an option if your goals include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Getting a degree.<\/li><li>Helping someone else through college.<\/li><li>Covering major dental or medical expenses.<\/li><li>Starting new creative projects or business ideas.<\/li><li>Enjoying recreation and travel.<\/li><li>Having funds to tide you over until you qualify for full Social Security benefits.<\/li><\/ul>\n\n\n\n<p>A reverse\nmortgage is available to homeowners who have paid off most or all of their\nmortgages. The name describes a lender&#8217;s&nbsp;monthly payments to the\nhomeowner,&nbsp;rather than the reverse. &nbsp;&nbsp;<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What\nto&nbsp;Know Before You Start<\/h2>\n\n\n\n<p>Reverse\nmortgages aren&#8217;t only for those who&#8217;d like more money to enjoy in retirement.\nIf you have&nbsp;home equity but are short on&nbsp;retirement savings, a\nreverse mortgage can fill in the gap. And there&#8217;s no income tax on\nthe&nbsp;payments.<\/p>\n\n\n\n<p>Reverse\nmortgages have attractive interest rates, too\u2014although higher than those of a\nregular&nbsp;mortgage.<\/p>\n\n\n\n<p>There\nare&nbsp;certain triggering events requiring full repayment. In the two most\ncommon situations,&nbsp;the owner dies, or sells the house. Only after the loan\npayoff is deducted will the owner or heirs receive money from the home sale.\nGovernment rules once left life partners in the lurch unless they&#8217;d co-signed\nthe&nbsp;reverse mortgage loan. If the borrower died, the government&nbsp;could\nsell the property. Today, these surviving spouses can stay&nbsp;in the home.\nThe balance due date is paused\u2014as long as the survivor lives there,\npaying&nbsp;insurance and&nbsp;property taxes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Popular:\nFHA&nbsp;Reverse&nbsp;Mortgages and Cash-Out Loans<\/h2>\n\n\n\n<p>Be sure to\ncarefully select and work with a reputable lender. The FHA offers a popular\nreverse mortgage\u2014and an alternative, the cash-out loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The\nHECM<\/h3>\n\n\n\n<p>If you are\n62 or older, and the house you&#8217;d be using as collateral&nbsp;is your principal\nresidence, you may apply for the FHA&#8217;s<em>&nbsp;home\nequity conversion mortgage&nbsp;<\/em>(HECM). Units on FHA-approved condo\nproperties can also qualify for home&nbsp;equity conversion mortgages. How much\nhome equity can you tap? This depends on your age, your&nbsp;equity,&nbsp;the\ntotal&nbsp;property value,&nbsp;and current&nbsp;interest rates.<\/p>\n\n\n\n<p>An\nespecially valuable aspect of the HECM is the insurance.\nWith&nbsp;the&nbsp;Federal Housing Administration&#8217;s insurance, heirs will pay\nup to&nbsp;95%&nbsp;of the appraised value, and no more,&nbsp;if the&nbsp;HECM\nloan debt adds up to&nbsp;more than the home fetches in a sale.<\/p>\n\n\n\n<p>If you pass\naway,&nbsp;your heirs have six months (plus two possible three-month\nextensions\u2014so, up&nbsp;to one year) to pay off the loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cash-Out\nRefinancing<\/h3>\n\n\n\n<p>If you still\nhave a mortgage and have a credit score of at least 640, take a look at the\nFHA&#8217;s&nbsp;<em>cash-out\nrefinancing<\/em>&nbsp;option. It replaces your&nbsp;mortgage with\na&nbsp;new one, for a larger amount than your current outstanding\nbalance.&nbsp;The new loan pays off your&nbsp;mortgage, initiates the new\nmortgage, and&nbsp;gives you the extra funds in&nbsp;a lump sum.&nbsp;<\/p>\n\n\n\n<p>What are the\nadvantages? You can get this before you&#8217;re 62. If you plan to live at home well\ninto your golden years, it&nbsp;can&nbsp;help you pay for home\nmodifications.&nbsp;There is no counseling required, and you need not\nuse&nbsp;the home that&#8217;s&nbsp;your primary residence.<\/p>\n\n\n\n<p><strong>Note:<\/strong> The federal\ngovernment lowered its cash-out refinance loan-to-value ceiling from 85% to\n80%, as of September&nbsp;2019.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">No\nMean Feat: Putting a Reverse Mortgage Together<\/h2>\n\n\n\n<p>To get\nstarted, you&#8217;ll attend an educational meeting with an <a href=\"https:\/\/entp.hud.gov\/idapp\/html\/hecm_agency_look.cfm\" target=\"_blank\" rel=\"noreferrer noopener\">approved\ncounselor<\/a>. This preliminary time commitment&nbsp;might sound like a burden,\nbut can be highly&nbsp;beneficial. This adviser can offer important support,\nhelping you find good rates and the right <a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/lender\/lenderlist\" target=\"_blank\" rel=\"noreferrer noopener\">approved lender<\/a>.&nbsp;<\/p>\n\n\n\n<p>Expect\u00a0<a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/hecm\/hecmabou\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">fees<\/a>:\u00a02% initially, then .5% of the mortgage\u00a0balance each year. As of this writing, the government caps origination and closing fees\u00a0at\u00a0$6,000. Prepare for credit checks, loan-servicing fees,\u00a0and third-party charges. You&#8217;ll need to have the property inspected and appraised. You&#8217;ll need to have the\u00a0title search done. There will be\u00a0recording fees and\u00a0mortgage taxes. Oh, my.<\/p>\n\n\n\n<p>Also,\nlenders expect the borrower to pay a number of charges that\nborrowers&nbsp;don&#8217;t pay directly with a regular mortgage. So, you&#8217;ll likely be\npaying the property taxes and the home insurance.<\/p>\n\n\n\n<p>As you take\nmonthly payments, your HECM&nbsp;balance rises. The larger the loan, and the\nlonger it runs, the more you&#8217;ll pay&nbsp;in cumulative interest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\nAre the Options? Alternatives to a Reverse Mortgage<\/h2>\n\n\n\n<p>Applying for\nany mortgage today, reverse mortgages included, means answering calls and\nquestions about income or other&nbsp;proof of ability to pay. As with a regular\nmortgage application, there can be moments of intense frustration as the\nprocess hits glitches.<\/p>\n\n\n\n<p>What are the\nother ways of tapping into home equity? Of course, you could sell the home and\ndownsize. This option has a lot going for it if your house is just too\nburdensome to maintain (or if the tax&nbsp;bills are). Some seniors sell to\u2014and\nthen&nbsp;rent their homes&nbsp;back from\u2014a family member or close\nfriend,&nbsp;using the cash received in the sale. The new owner&nbsp;can&nbsp;then\nqualify for tax&nbsp;deductions on&nbsp;depreciation&nbsp;and upkeep of the\nrental property.&nbsp;<\/p>\n\n\n\n<p>But if\nselling is not an option, consider these&nbsp;other financing methods.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The\nPrivate Reverse Mortgage<\/h3>\n\n\n\n<p>One\nalternative is&nbsp;for the homeowner to get a&nbsp;private loan, from a close\nfriend or&nbsp;family&nbsp;member, with the senior&#8217;s home as collateral. The\nIRS sets the interest rate for&nbsp;<em>private\nreverse mortgages<\/em>, and it&#8217;s lower&nbsp;than the bank rate.<\/p>\n\n\n\n<p>And this\nway, the interest in the&nbsp;home stays with the owner and loved ones.&nbsp;<\/p>\n\n\n\n<p>Family\nmembers and close friends of&nbsp;senior homeowners who need access to cash\ncan&nbsp;consider the<em> <\/em>private\nreverse mortgage as a way to sweeten the&nbsp;elder&#8217;s&nbsp;retirement\nyears.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Home\nEquity Loans and Lines of Credit<\/h3>\n\n\n\n<p>A <em>home equity loan <\/em>gives the\nowner&nbsp;a lump sum, so this is a good option when&nbsp;cash upfront is the\ngoal. You do pay interest on the entire loan amount.<\/p>\n\n\n\n<p>There&#8217;s also\nthe<em> home equity line of\ncredit<\/em>&nbsp;(HELOC), through which a homeowner can\naccess&nbsp;funds up to a certain&nbsp;credit limit. A&nbsp;HELOC&nbsp;is more\nlike a credit card: you pay interest only on the funds&nbsp;you actually need\nand withdraw. Your interest charges will fluctuate, as HELOCs are not\nfixed-rate loans.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final\nWord to the Wise<\/h2>\n\n\n\n<p>Use the\nreverse mortgage safely. Be sure not to fall into arrears with the payments.\nKeep&nbsp;up with&nbsp;home maintenance, and any work that maintains the value\nof the home as an asset.<\/p>\n\n\n\n<p>Be sure your\nestate&#8217;s beneficiaries&nbsp;know what to expect. And before you head into any\nnew financing pathways, speak to your estate lawyer to receive\nsituation-specific advice.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Time to start a new chapter in your life? A reverse mortgage can be an option if your goals include: Getting a degree. Helping someone else through college. Covering major dental or medical expenses. Starting new creative projects or business ideas. Enjoying recreation and travel. Having funds to tide you over until you qualify for [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[107],"tags":[],"class_list":["post-788","post","type-post","status-publish","format-standard","hentry","category-elder"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should You Get a Reverse Mortgage? Consider This. - Deeds.com<\/title>\n<meta name=\"description\" content=\"A reverse mortgage is available to homeowners who have paid off most or all of their mortgages. 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Consider This. - Deeds.com","isPartOf":{"@id":"https:\/\/www.deeds.com\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.deeds.com\/articles\/should-you-get-a-reverse-mortgage-consider-this\/#primaryimage"},"image":{"@id":"https:\/\/www.deeds.com\/articles\/should-you-get-a-reverse-mortgage-consider-this\/#primaryimage"},"thumbnailUrl":"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/11\/should-you-get-a-reverse-mortgage-1024x538.jpg","datePublished":"2019-12-01T09:00:41+00:00","dateModified":"2024-04-26T03:20:32+00:00","description":"A reverse mortgage is available to homeowners who have paid off most or all of their mortgages. 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